GBP/JPY Technical Analysis: 200-hour MA is capping gains

The bullish breakout seen in the GBP/JPY hourly chart is encouraging, but only a beak above the 200-hour moving average (MA) would seal the deal for the GBP bulls.
A break above the 200-hour MA of 141.31, if confirmed, would open up upside toward 141.77 (resistance on the hourly chart) and 142.00 (psychological level).

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 141.25

Daily High: 141.36

Daily Low: 140.66

Trend: Bullish above 200-hour MA

Resistance

R1: 141.31 (200-hour MA)

R2: 141.40 (10-day MA)

R3: 141.77 (hurdle as per the hourly chart)

Support

S1: 141.22 (support as per the hourly chart)

S2: 140.88 (100-hour MA)

S3: 140.66 (Aug. 20 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.